As shown in Figure 5, this process model
includes five on-going processes and one annual process.
Two entry points feed the ongoing monitoring and control. New project requests
may be posted at any time. However, it is assumed that next years' portfolio compilation
is formulated once a year during, and as a part of, the regular corporate annual
Portfolio management is responsible for monitoring post-implementation and benefits reviews. This ensures that these reviews are indeed performed -and by a neutral observer. Thus lessons learned are not only captured during and at the end of a project but also after the project deliverables have been handed over to operations or to another part of the organization for appropriate use.
As a controlling function, portfolio management may also initiate project reviews and/or audits. This would occur if deemed necessary to provide a second opinion to executive management and/or to the portfolio board. As such, it would be in addition to the view expressed by the respective project manager and sponsor.
Contrary to the PMI Standard, we do not just refer to the "strategic planning and business process context" as a given. Based on our experience, the implementation of a proper project portfolio management function also usually involves a rethinking, and a redesign or at least an integration of the portfolio management into the cyclical annual corporate planning process.
The process model briefly described above is compliant with the KEY-9 landscape. It features role descriptions and lean and maintainable process descriptions. It includes two pages per process covering: purpose, input/output; methods and tools; activities; and roles and responsibilities. Company-specific tools and techniques may be added, e.g. for prioritization or reporting. This approach has forced us to focus on essentials rather than on details.
As a result, our discussions with our project's client were straightforward.
10. IDEF0 has been used as process modeling method (for reference see http://www.idef.com/IDEF0.html)